Payment solutions firm PayPal Holdings Inc. (NASDAQ: PYPL) announced financial results for the fourth quarter of 2022, reporting higher earnings and revenues.
Fourth-quarter revenues rose 7% year-over-year to $7.4 billion amid strong growth in payment volumes. In 2022, the company invested in the platform to better serve its customers, while focusing on and streamlining the business.
The company reported adjusted earnings of $1.24 per share for the three-month period, compared to $1.11 per share in the corresponding period of last year. On a reported basis, it was a net profit of $921 million or $0.81 per share, compared to $801 million or $0.68 per share last year.
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“We will continue this work throughout 2023, and I am confident that we are well-positioned to utilize our unique assets to remain a market leader in digital payments,” said PayPal’s CEO Dan Schulman.